Amgen Inc. $AMGN Stake Increased by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its Amgen stake by 6.4% in the third quarter, adding 102,137 shares to reach 1.69 million shares valued at about $713 million.
• Amgen beat quarterly earnings and revenue expectations, reporting $6.45 per share and $10.37 billion in revenue; revenue rose 8.5% year over year.
• Amgen reported positive late-stage trial results for its experimental Sjögren’s disease drug, which met the primary endpoint. The candidate still faces further development and regulatory steps before it could reach the market.

Fisher Asset Management LLC boosted its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 6.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,691,691 shares of the medical research company's stock after purchasing an additional 102,137 shares during the quarter. Fisher Asset Management LLC owned about 0.31% of Amgen worth $713,065,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rational Advisors Inc. raised its position in shares of Amgen by 13.7% during the second quarter. Rational Advisors Inc. now owns 199 shares of the medical research company's stock valued at $72,000 after buying an additional 24 shares during the last quarter. Beacon Financial Advisory LLC lifted its holdings in shares of Amgen by 2.0% in the second quarter. Beacon Financial Advisory LLC now owns 1,274 shares of the medical research company's stock worth $461,000 after buying an additional 25 shares in the last quarter. James T. Borello RIA boosted its position in shares of Amgen by 13.6% during the third quarter. James T. Borello RIA now owns 209 shares of the medical research company's stock worth $88,000 after acquiring an additional 25 shares during the last quarter. Sweeney & Michel LLC boosted its position in shares of Amgen by 0.5% during the third quarter. Sweeney & Michel LLC now owns 5,129 shares of the medical research company's stock worth $2,162,000 after acquiring an additional 25 shares during the last quarter. Finally, Legacy Financial Advisors Inc. boosted its position in shares of Amgen by 0.8% during the second quarter. Legacy Financial Advisors Inc. now owns 3,407 shares of the medical research company's stock worth $1,234,000 after acquiring an additional 26 shares during the last quarter. Institutional investors own 76.50% of the company's stock.

Amgen Stock Down 0.2%

NASDAQ AMGN opened at $467.06 on Friday. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.20 and a current ratio of 1.48. The company has a market capitalization of $252.64 billion, a P/E ratio of 27.09, a P/E/G ratio of 3.27 and a beta of 0.43. Amgen Inc. has a one year low of $312.39 and a one year high of $483.99. The stock has a 50 day moving average price of $424.87 and a 200-day moving average price of $380.60.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share for the quarter, topping the consensus estimate of $5.79 by $0.66. The company had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.07 billion. Amgen had a net margin of 24.14% and a return on equity of 114.99%. Amgen's quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.64 earnings per share. As a group, equities analysts predict that Amgen Inc. will post 23.33 EPS for the current fiscal year.

Amgen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be paid a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, November 20th. Amgen's dividend payout ratio (DPR) is presently 58.47%.

Key Amgen News

Here's some of the latest news about AMGN:

• Positive Sentiment: Dazodalibep met the primary endpoint in the 648-patient OASIZ-301 trial, with both dosing regimens showing statistically significant improvement in systemic disease activity. Amgen also reported meaningful improvement in patient-reported symptoms. Sjögren’s currently has no approved treatments, giving the results potential commercial significance if confirmed and approved. Reuters article
• Positive Sentiment: Argus raised its price target to $515 from $460 and maintained a Buy rating, signaling increased analyst optimism. Separately, ETFs bought a net $66.8 million of AMGN shares on Nov. 10, indicating institutional demand. Yahoo Finance article
• Neutral Sentiment: Despite the positive trial results, reports noted that Amgen shares initially slipped, suggesting investors may be weighing the time and remaining development and regulatory risks before dazodalibep can generate sales. MSN article

Wall Street Analyst Weigh In

Several research firms recently weighed in on AMGN. TD Cowen raised their target price on shares of Amgen from $452.00 to $531.00 and gave the company a "buy" rating in a research note on Wednesday, November 4th. Weiss Ratings upgraded shares of Amgen from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Robert W. Baird increased their price objective on shares of Amgen from $215.00 to $230.00 and gave the company an "underperform" rating in a report on Wednesday, August 5th. Sanford C. Bernstein increased their price objective on shares of Amgen from $345.00 to $400.00 and gave the company a "market perform" rating in a report on Wednesday, November 4th. Finally, Royal Bank Of Canada raised their price objective on Amgen from $430.00 to $470.00 and gave the company an "outperform" rating in a research report on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $424.66.

About Amgen

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases. The company's medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally. Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A. Bradway, who has served as its chief executive officer since 2012.

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